Welcome to the Ondas Holdings Incorporated Full- Year 2020 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance please signal the conference specialist by pressing star followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question you may press star then one on your telephone keypad. To withdraw your question please press star then two. Before we begin, the company would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Ondas' best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking statements. These risk factors are discussed in Ondas' periodic SEC filings and in the earnings press release issued today, which are both available on the company's website. Ondas undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances, except as required by law. Please note this event is being recorded. I would now like to turn the conference over to Eric Brock, Chairman and CEO. Please go ahead. Well, thank you, operator. I want to start by wishing everyone a very good Monday morning, and also to thank you for joining us on today's call and for your interest in Ondas. I'm joined today by Stewart Kantor, a founder of our company, and the President and CFO of Ondas Holdings. At the beginning of the call here, I'm going to provide an overview of Ondas' business strategy and market opportunity, while also highlighting the significant progress we made in 2020, particularly with respect to product and commercial development in the rail and drone markets. Stewart will then review our financial results and outlook before I return to provide more details on the momentum behind our key strategic initiatives and partnerships, and outline how our business development efforts will progress in the coming quarters and year ahead. Let me step back for a moment, and this is especially for the benefit of those new to the Ondas story. I want to remind us all of the enormous market opportunity Ondas is attacking. The industrial economy, which largely relies on private wide-area and narrowband networks, has been starved of innovation in next-generation communication networks for far too long. This lack of bandwidth and data capacity has delayed the adoption of high-value Mission-Critical IoT applications such as the digital railroad, the electric smart grid, and the intelligent oil field. This has limited the ability of our critical infrastructure customers to drive intelligence into their field area operations. Of course, this is the problem that Ondas is solving. We are bringing bandwidth to huge bandwidth-starved markets so that critical infrastructure sectors like rail, government, utilities, and oil and gas can run their businesses better, enabling them to operate more efficiently and profitably, and of course, more safely and sustainably. It's equally exciting that to see these emerging digital technologies, which of course include edge computing, wide area IoT sensor networks, and unmanned aerial systems, also known as UAS or drones, are creating greenfield opportunities in demand for industrial wireless broadband networks. Ondas' proprietary FullMAX software-defined radio platform is the first and only broadband solution architected specifically to enable MC-IoT and edge-oriented industrial applications in these large and established critical infrastructure markets where wide area coverage is required. Over the past several years, Ondas has been focused on driving adoption of our disruptive technology in the North American rail and UAS sectors with the goal of scaling Ondas' near and medium-term revenue and free cash flow, while at the same time accelerating our long-term ability to penetrate additional verticals using the same go-to-market approach, which includes partnering with tier 1 industrial vendors and strategic ecosystem providers who are strongly positioned in these markets. We launched our business expansion efforts in 2018. That's when I officially joined Ondas in the leadership role. At that time, we began to engage institutional investors to fund an aggressive growth plan, and now, three years into this effort, we have significantly advanced that plan and also strengthened our balance sheet. Of course, that's highlighted by the recent $34.5 million public stock offering we completed in December. Our customer sales cycle is maturing with critical tier one ecosystem partners like Siemens and AURA Network Systems, and now others engaging and investing alongside us. With that strategic context in mind, let's move to discussing our 2020 performance and the updates I promised. We ended the year strongly, and our business momentum has grown heading into 2021. It's fair to say that 2020 was an exciting and transformative year for Ondas. Despite obvious challenges related to the COVID-19 pandemic, our employees worked incredibly hard and remained focused on the task at hand. We continued to develop our platform opportunity and create value for our critical infrastructure customers and partners. I can't thank the Ondas team enough for their tireless commitment to these efforts. Ondas has built significant momentum in these two high-priority opportunities. Firstly, through our partnership with Siemens Mobility, we're working to drive platform adoption with the Class I freight rail operators. Secondly, with AURA Network Systems, we're carving out a key strategic position in the emerging UAS sector. AURA is at the forefront of developing a critical FAA-compliant nationwide UAS command and control wireless navigation network, as I will discuss in a moment. As far as near-term execution is concerned, I am pleased with where we ended last year from the standpoint of both customer and revenue opportunity. We expect commercial bookings and revenue to continue to ramp over the course of 2021. I will stress, we are far from satisfied. Our customers need our technology into every turn. At every turn, we will always want business to come faster and in larger volumes. While pleased with our progress, again, we are not satisfied. We have a lot of hard work ahead. I'm going to now ask Stewart to review our financial results and the Q1 outlook before I provide more details on the key projects that we and our investors are tracking closely. Stewart, please go ahead. Great. Thank you, Eric, and good morning, everyone. As Eric highlighted, we made substantial business development progress in 2020 and in early 2021. We continue to grow our customer pipeline and move platform adoption and commercial deployments closer and closer towards bookings and sales. Revenues for the year ended 2020 were $2.2 million, an increase of 575%, or $1.8 million more compared to 2019. Our revenue growth was driven primarily by purchase orders from our strategic partners, as Eric mentioned previously, Siemens Mobility and AURA Network Systems. Our financial results showed substantial improvement year-over-year, though, of course, our P&L still reflects business development efforts in preparation for the scaling of the company's business. Operating expenses were $12.5 million for 2020, a decrease of approximately $3.2 million over the prior year. This 20% year-over-year decline was driven by spending reductions in areas that included payroll, travel and entertainment, as well as professional fees, all of which resulted in lower sales and marketing and administrative costs. Business disruptions, as Eric had mentioned, related to COVID-19 also reduced spending in some areas during the year. The combination of higher revenue and lower operating expenses led to a 30% reduction in our net loss, which improved by approximately $5.9 million to $13.5 million in 2020. Net loss per share, basic and fully diluted, was $0.66 for the year, compared with a net loss per share of $1.10 in 2019. Importantly, Ondas ended the year with a strong balance sheet and better positioned to fund and execute on our growth plans. Our cash position at the end of the year was $26.1 million, significantly improving year-over-year, largely as a result of our $34.5 million public equity offering in December. Business activity in 2020 was characterized by specific project-related system sales and service revenues. We expect significant growth in bookings and revenues in 2021, driven primarily by purchasing activity from Siemens and AURA, as well as the Class I rails, where we expect the commercial rollout in the greenfield 900 MHz network to begin in the second half of 2021. It's important to note that we expect revenue and measures of profitability, such as gross margins and operating margins, to fluctuate from quarter-to-quarter, given the timing of commercial orders and system deployments until we see a fuller ramp. As such, we're not giving full-year financial guidance on bookings, revenues, or earnings at this point. For Q1 2021, we expect bookings of at least $2 million and revenues of between $1 million and $1.5 million. Cash operating expenses are expected to be between $2.5 million and $3 million in the first quarter and may trend up modestly over the course of the year. Cash operating expenses exclude non-cash expenses such as stock-based compensation. We expect bookings and revenues to continue to grow on a quarterly basis throughout the year. Before I turn it back over to Eric, I also wanted to personally thank our team at Ondas for their exceptional efforts on behalf of our customers and shareholders. We have a talented and dedicated team who are entirely committed to our mission to bring Ondas' MC-IoT platform to the critical infrastructure markets. The team rose to the challenges we presented in 2020, and we are entering 2021 in a very strong position to reap the benefits of our hard work. I'm now going to turn the call back over to Eric, who will provide details on where we stand with the customer activity and the outlook for growing our business as we progress through 2021. After that, we'll open the call for your questions. Eric, back to you. Thank you, Stewart. Now I'm going to take some time to highlight the three key strategic areas we're focused on for 2021. First, I will discuss our deepening partnership with Siemens Mobility and the key developments with the Class I rails as we move towards commercial bookings on the large network opportunities we see in rail, beginning, of course, with the 900 MHz system. Second, I will outline our work in UAS with AURA and the roadmap ahead to help commercialize the AURA network platform and satisfy drone customer requirements while addressing key regulatory standards. Thirdly, I will discuss our strategy to expand our efforts to encompass other large markets outside of rail and drones, starting with the government and defense markets. Let's start by reviewing our progress in the Class I freight rail market, which Ondas and Siemens are working to drive commercial adoption of our FullMAX platform. As a reminder, Siemens is one of the largest global vendors to the rail sector and specializes in providing mission-critical rail automation systems. Siemens is working with Ondas to integrate our FullMAX software-based wireless technology into these critical rail systems on behalf of the rail customers. From the customer's perspective, Ondas' MC-IoT products are marketed by Siemens under their AirLink brand name. We announced our first joint development project with Siemens in May of 2020. That project integrated our software-based wireless platform with their Advanced Train Control System, or ATCS. The new ATCS system is backwards compatible with the legacy system by also providing all the MC-IoT functionality and benefits of FullMAX to the new rail network. Siemens has already placed an order for these systems for both their labs and early customer field testing. We expect commercial orders in 2021 from Siemens for customer deployments. We're also excited to announce on today's call that Siemens and Ondas are now collaborating on a new product for the rail market. Siemens will have worldwide sales and marketing rights for this product, for which we've already started development, and that development is expected to be completed in this calendar year. We expect to be able to provide more details on this agreement soon. We expect additional product development agreements with Siemens as our relationship continues to grow. There's a lot more to do here. Now let's dig into the progress we and Siemens are making on the 900 MHz network with the Class I rails, who, as we remind you, were awarded Greenfield Spectrum by the FCC in August of last year to deploy a new safety network. As you know, Ondas has already completed extensive lab tests with multiple Class I rails in the new 900 MHz band. We have also undertaken extensive and ongoing field work with industry giants BNSF and CSX, who have assumed leadership positions in the 900 MHz network. These field efforts have been designed to test our system and gain experience with the new FullMAX architecture and the greatly enhanced performance and flexibility our platform offers the railroad industry. The rails need bandwidth as they look to drive more intelligence into their vast field operations and train management systems, and Ondas' software-based FullMAX network is uniquely positioned to provide that network capacity and performance leap. It's important to note here that we've been working to establish a dedicated central MC-IoT rail lab at our headquarters in Sunnyvale, California, to help facilitate the work to determine the optimal configuration of the new 900 MHz network. The design of the MC-IoT lab in Sunnyvale has been completed, and we have built the initial phase. We are now waiting for the Class Is to complete their internal work to engage in the lab, which is a key step along the path to commercial adoption and rollout of that 900 MHz network. As we've mentioned before, the flexibility offered by our FullMAX platform gives the rails a unique opportunity to share a broadband network. This is as opposed to carving up scarce spectrum resources into separate narrowband systems managed independently by each railroad, as they currently do with the legacy network. As a shared network will require new operating procedures, we are seeing the rails work internally to determine how to best move ahead collectively. Groups within the Class I rails, including the AAR, or Association of American Railroads, are important participants in this planning process. To wrap up the rail update, I want to remind you briefly that we're pursuing other rail networks, which we expect to have activity in during 2021. In addition to the 900 MHz network, we believe the Class Is are exploring an upgrade of their legacy critical voice or that push-to-talk land mobile radio network, which operates in the 160 MHz licensed frequency band. We expect the rails to further engage with vendors on development work in this band over the course of 2021. Ondas is uniquely positioned for the required hybrid voice and data platform. We'll be sure to keep you posted on our progress here. Let us now turn our attention to the fast-growing drone market, where we are working with AURA to build their nationwide UAS navigation platform and managed services offering. We're very excited about this significant customer relationship. AURA is run by an experienced leadership team with extensive communications and aviation expertise. AURA is solving a critical problem for the UAS industry and is, as far as we know, the only solutions provider that's positioned to address the FAA requirement for a robust, dedicated drone navigation network. A key differentiator for AURA is their acquisition of an exclusive nationwide licensed frequency band, which allows for high-altitude air-to-ground communications. Operators of large, fast-moving, and high-flying drones, including those used for inspection and security applications, as well as those used for urban air mobility, also known as flying cars, in transportation markets, will need to have a drone command and control network like that envisioned by AURA. This so-called C2 network will be designed to meet FAA requirements in order to fly long distances beyond visual line of sight. As regards to our specific opportunity in this market, Ondas is providing the robust and critical data communications link as AURA designs and plans their commercial network and operations. In addition to Ondas, AURA has engaged other key ecosystem players, including well-known and resourced aerospace companies, to help commercialize the platform. Our work with AURA began in 2020, with AURA completing the initial nationwide network build-out in their license band utilizing our Mars base station. This build-out satisfied an existing FCC license requirement, and in January of this year, with overwhelming support by the UAS industry, AURA received a waiver from the FCC to allow for drone communications at high altitudes. This FCC waiver is a catalyst for advancing the required technical and market development in which Ondas will play a key role. With these important steps complete, we are pleased to announce on today's call that AURA has now placed the next purchase order for their phase I commercialization effort. This phase I project calls for Ondas to support enhancements in testing of our current FullMAX platform in order for AURA to provide demonstration networks and testing equipment to their UAS customers. Our work on this phase I project, which has included in-flight testing in recent months, is already at an advanced stage. In connection with this phase I project, Ondas and AURA have also agreed to explore deeper partnership opportunities as we jointly develop the critical UAS network platform. In addition to funding development, AURA intends to purchase pilot equipment this year on behalf of their customers, the UAS operators, so those customers can begin to adopt AURA's groundbreaking command and control network and managed services offering for drone navigation. We are also working with AURA in parallel to finalize system requirements and scope of technical enhancements needed to fully modify our standard base FullMAX system to conform with the expected FAA navigation network requirements that I noted earlier. This will be phase two of the commercialization effort. We expect additional revenue opportunities related to the phase two program in the coming months. Timelines are still being considered. Ondas and AURA are committed to expeditiously delivering this system to the market. We'll be sure to keep our investors informed as the commercialization efforts progress. Let me wrap up my AURA and drone-related comments by highlighting that there are many technologies needed to be integrated into a UAS safety network. Ondas believes that our wireless technology is a critical component. This puts our company in a critical place within the UAS ecosystem that has historically been dominated by large aerospace companies. We believe our wireless connectivity platform in the commercial, industrial, and industrial drone sector will position Ondas for business expansion opportunities, and we encourage our investors to learn more about the broad set of opportunities available to Ondas in these UAS markets. There is significant market potential here, and we believe that commercial UAS technology and regulatory development is further along than most realize. Now that we've updated you on our drone and rail opportunities, let's transition now to briefly discuss other opportunities for Ondas to further expand our active customer pipeline into new markets. Our improved balance sheet and traction in executing and delivering on the critical rail and drone networks enables Ondas to broaden our total addressable market. In the coming quarters, we expect to launch additional initiatives to take our MC-IoT connectivity and ecosystem partnering strategy into other critical infrastructure markets and in bigger ways. By way of example, I will point to the announcement a couple of weeks ago of our new partnership with Rogue Industries to target sales opportunities in government and DoD markets. Rogue is an agile, focused marketing organization with significant expertise in bringing new technologies to these critical markets. The folks at Rogue are veterans in every sense of the word, given their long service in the Air Force and their experience as both internal and external procurement specialists in the government and defense markets. Rogue has credentials which allow for rapid procurement from existing, already budgeted government spending programs. This expertise would otherwise require significant expense and time for Ondas to develop ourselves. Our agreement with Rogue is another example of Ondas leveraging the ecosystem flywheel with our capital-light business model. We believe that our wireless MC-IoT systems offer significant value for these markets. Government and military operations clearly provide mission-critical services, and they typically require extreme wide-area coverage. Ondas has experience with border and perimeter security markets via our customer relationships with Israel Aerospace Industries and Rafael, also of Israel. Similarly, we have previously fielded interest in our MC-IoT wireless platforms in the U.S. government, agencies within the government, as well as from avionics vendors. We're excited to begin exploring these markets with the assistance of Rogue, and we do plan to work towards establishing additional ecosystem partnerships and new market expansion opportunities beyond this Rogue agreement. To wrap up our review and update, Ondas' business development efforts for the rails are progressing nicely, and we have the right roadmap to secure and deploy the new 900 MHz network. The Siemens relationship continues to evolve and grow as today's announcement of a second product under development makes clear, and the commercialization effort for AURA's groundbreaking UAS network is underway. This will accelerate through 2021. We are providing critical solutions to enable new, valuable technology adoption within these markets. Ondas is now broadening our total addressable market by moving ahead with Rogue to target government and military, and we expect more ecosystem partnerships to emerge over the year. Lastly, we see significant opportunities to expand the scope of the business within other verticals and markets and are particularly excited about the high-growth opportunities in UAS markets. As we conclude our prepared remarks, we want to ensure that our shareholders understand we have huge ambitions, and we are demonstrating the leadership and progress required to disrupt the markets we're targeting. As we've seen over the course of time, bandwidth and networks are critical enabling technologies. Ondas' software-based FullMAX platform is solving the bandwidth shortage in MC-IoT markets, and this is an enormous opportunity which we intend to seize for the benefit of our customers and, of course, for our investors as well. Operator, I think we should take questions now. Can you please open up the call for Q&A? Yes. We will now begin the question- and- answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we'll pause momentarily to assemble a roster Our first question is from Tim Horan from Oppenheimer. Please go ahead. Thanks, guys. I wanted to focus on the rails, if that's okay. Could you be more specific on exactly what progress was made in the quarter on the rails building out the 900 MHz, specifically? I guess, are all the major rails conducting trials at this point? Where are they in agreement to build out a common network? Just a few follow-ups on the rails. Thanks. Sure. To answer the first question, in the field work we've done, it's really been focused with BNSF and CSX, and this is very common, Tim. You'll see when they're adopting new technologies, rather than having seven different systems kind of moving forward at the same time, there's a rail or two that takes the leadership to work with the vendor, and that's what we see here with BNSF and CSX. Our work with the Class Is continues to be very good and collaborative. BNSF and CSX, again, are in leadership positions, but they're part of a broader consortium of the seven Class I rails, which all kind of operate together in what they call the Wireless Communications Committee, or WCC, which is kind of an organized effort within the Association of American Railroads. It continues to be with the rails, including the WCC, very good and collaborative. Of course, Siemens is arm to arm with us as we're bringing the rails up the curve on how to best utilize, configure, and implement our system. That's what we're doing. This MC-IoT lab, which we're working with, there'll be multiple rails involved, likely eventually all seven. That's where we'll do the heavy lifting to actually design and configure the system to optimize the bandwidth utilization. As you remember, the rails have four different networks running multiple or many different applications, and given the flexibility and the bandwidth we're bringing, we give them the opportunity to mix and match applications and move them across networks. Stewart, would you add anything to that in terms of how the MC-IoT lab is going to work and how it's helpful? Yeah. Thanks, Tim. In terms of the lab setup, we've allocated equipment into sections for each of the key rails, and in preparation for testing and the launching of the 900 MHz network. All the prep work is now occurring in our lab for the implementation. Great. The specific progress made in the quarter has been just still more trials. Did the trials increase substantially from the prior quarter? Any change in the trials? I guess what was the major difference in the trials occurring? We're getting deeper into the field work with CSX and with BNSF. You saw, I think earlier in the quarter, we announced that BNSF had formally adopted the Mercury endpoint, so they've been broadening it into the Mercury edge remotes. Again, we continue to work on this planning with the WCC led by BNSF and CSX. It's an active conversation. We're at the point, Tim, where the work we're doing is actually broadening. To adopt a system, it's really a convergence of IT and operational groups across the Class Is. We're getting beyond the telecom and networking arms. Of course, Siemens is being very helpful in this respect because they touch many more points beyond the telecom groups where we first entered into this market. Those were our relationships were in the early work. It's going to require involvement of all levels and aspects of rail field operations, so signaling, crossings, and folks like that. It's especially requiring senior management decision-makers who are going to be responsible for green-lighting the significant capital project in these new operating protocols. That activity is broadening, as you would expect, and that does bode well for adoption. Just to follow up on that, time is kind of the essence here, right? We only have two and a half years to get the network up and running to vacate the spectrum. Where are they in agreeing to building out a common network, and where are the C-level folks in their process of allocating the capital? Just because time is of the essence. Yeah. This WCC group is now interfacing with the senior level decision makers and we're waiting for that clarity. We can't give you the specific timeline for that as we sit in terms of a specific date for the commercial PO. These rails, as you're well aware, they're very sophisticated, they rightly make us earn the business, we're doing that, the purchase order will come when they're ready. They're the customers. We feel good with where we're at. We're interfacing. I think you'll see us make significant progress with this expanded group of folks we're going to be dealing with in the coming months, we feel really good about where we're at with this network. Lastly, how's it going to be funded? Do you think it ultimately will be one network and everyone just proportionally funds based on the percentage of rail that's covered or percentage of their business, or do you think it will be one giant purchase order, or is everyone going to do separate ones? We're not exactly sure how the purchase orders will come and the cadence. The ability to fund here is not an issue. The rails obviously have very strong balance sheets and strong cash flow positions, and they're capital intensive, so they have large capital spending budgets. How they do this amongst themselves remains to be seen. I think it's most likely that the purchase orders will come from the individual rails, and they'll collectively decide how the rollout goes across the various operators. Eric, if I could jump in real quickly. In terms of also each one of the rails has, for example, in working with Siemens, master purchase agreements. Our impression is that it'll be from the individual rails. As Eric said, the decision-making is at the senior level in terms of not a single purchase order, but how they all come together to make sure that the system is interoperable, right? Because that's the key. If you have one rail implementing this, the balance has to do it, from a standpoint of coordinating the frequency and the applications as they transition from one network to the next, in terms of the rail network. I do believe that the way the agreements will come individually from each rail fall under master purchase agreements. Got it. Just lastly, I guess what I'm trying to get at is how committed are they to this, and has that commitment changed three, six months ago? Anterix obviously now has plans and legal obligations to license out that spectrum. The last three, four months, have the rails recognized that they have to get this thing built out soon? Just any color on their commitment at this point. Yeah, I think, for sure, the rail's planning to build this network. They need to retire the legacy network firstly, and there's a timeline on that as you referenced, and we have been working diligently with them on this. They're putting a serious effort into it. I'd say in terms of the process, it's moving along as we expected and the engagement is deepening and broadening. It's broadening within the organization, and it's also broadening across the Class Is. All seven operators are learning from the work from BNSF and CSX. Perfect. Very helpful. Thanks, guys. Good luck. Thank you. The next question is from Michael Latimore from Northland Capital Markets. Please go ahead. Great. Yeah. Morning, guys. I guess I wanted to just be clear on an element of the guidance you gave there. Did you say you expect revenue to grow sequentially every quarter? Is that what you said in the prepared remarks? Yes. Okay, great. The way to think about the revenue sources for the year, is it fair to say first half is largely development fees, second half would be more of the remotes and base stations? Yes. As we're going through the year, we'll be still continuing on these development projects with AURA and Siemens. We will see the rails buy more equipment to expand field tests. Obviously, we have the MC-IoT lab. That will be a source of revenue. The big system sales ramp, that'll happen in the second half. Got it. Mike, let me also add that AURA is going to be purchasing equipment on behalf of their customers as well. Okay, got it. With regard to the lab, I guess, could you just provide a little more clarity on what has to happen there for commercial orders to start in the second half of the year? What has to happen in terms of that activity at the lab before you get the commercial orders? Well, I'll let Stewart expand on this. Essentially the lab is really to determine configuration of the network. It's incredibly detailed and technical, including packet sizes, how applications and certain data traffic gets prioritized. We're also doing that in the shared environment where the sections of track where the rails will be sharing capacity, how that's going to work. Stewart, would you expand on that? Yeah, that's right. A lot of the focus is on how capacity is handled as they hand off from one network to the next, and also, as Eric said, configurations. Because our network technology enables multiple applications versus a single application network, they have different kinds of priorities for the data traffic, even within the rails and among the rails. This is the configuration test we're doing for them so they interoperate, but also can meet their own special needs within the rail network. It's both a collective application as they transition, and then also within the rail, they each have their own specific applications. It allows them the flexibility to test both. Okay, got it. Great. In terms of commercial orders, will they come directly from the rail companies, or would the rails place it with Siemens and then Siemens kind of buys from you? How is that going to work, I guess? Stewart? Yeah, they'll be placing orders through Siemens. Siemens will be placing the order with us. Basically, the orders will go through Siemens. Okay, got it. Very last one, stock comp, what should we think about that being in the first quarter and then 2021? The first quarter is going to be about $1.2 million. It should be lower on a sequential basis throughout the year. All right. Great. Thank you. Good luck. All right. Thanks, Mike. There are no more questions in the queue. This concludes our question- and answer session. I'd like to turn the conference back over to Eric Brock for any closing remarks. All right. Well, thank you, operator. I'd like to close by reminding our investors that Ondas is bringing tremendous value to these critical industrial and government markets we're targeting. Bandwidth creates tangible ROI for the customers and for the partners. At the same time, these industrial markets have lagged with respect to IoT adoption, and this is largely because the ecosystem tends to be conservative. They protect their legacy cash cow solutions, and they're often driven by linear quarter-to-quarter thinking. We at Ondas are creating and driving the necessary change and importantly, the leadership in these markets, and we're going to keep pushing and pushing on behalf of the customers. To close, I want to thank you for joining the call. I also want to express gratitude on behalf of the entire team at Ondas for your support. We're incredibly grateful and know that every day we have to continue to earn that support. We do that by delivering value to customers and partners. That's going to be the key for us to continue to create shareholder value. We begin the year with some terrific momentum. We look forward to sharing updates on our key initiatives over the course of the year. Thanks again for joining us this morning. Have a great day. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.